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Market Breakout Ahead of Fed
www.oneoption.com
The market staged a relief rally to a new all-time high after the election. Today it wants dovish Fed comments.
PRE-OPEN MARKET COMMENTS THURSDAY – I’m going to keep this brief. The economic data has been solid. One bad jobs report is not a trend. The storms have passed and the strikes are over. Yes, the job scene is softening a little, but GDP and other data points have been solid. The election overshadowed a very strong ISM Services reading (56.0). The little “soft patch” in jobs will prompt the Fed to cut rates. That is bullish for the market. Earnings have been excellent and the market is in a period of seasonal strength. Technically, the market broke out to a new all-time high after digesting gains for a quarter. The bid has had time to build.
You should have some starter swings on and you should be looking for opportunities to add. The market held all of the early gains yesterday and it closed on its high for the day. This is bullish price action.
From a day trading standpoint we should expect dull trading ahead of the FOMC statement.
Be long. Support is at $585 and resistance is at $600.
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